What is a Treasurer
The Treasurer is responsible for managing the finances of the club and maintaining accurate financial records and the club rules usually provide for the Treasurer to be appointed at the annual general meeting. The post of a Treasurer is a voluntary position although in larger organisations some of the Treasurer's work is undertaken by a paid Financial Controller, in which case the Treasurer will have a supervisory role. A newly elected Treasurer should meet the Auditor (if the organisation has one), the outgoing Treasurer, and the Commodore or President to discuss the work that needs to be done and the precise requirements of the Auditor.
Although the Treasurer has primary responsibility for the finances, he/she must work closely with the other members of the committee and it is essential that the finances are handled in accordance with the constitution and with the decisions of the committee. The Treasurer is ultimately responsible for many functions related to finance whether working alone or with the help of a paid official.
For further information on the roles and responsibilities please read the following information document Duties of the Treasurer.
Business rates can be a major expenditure for clubs. It therefore pays to explore any possible means of reducing this expenditure.
Are you paying too much?
The possibility of reducing business rates must be worth investigating. Three specific ways of reducing this burden are open to you; Becoming a registered Community Amateur Sports Club (CASC); Rate Relief from your local authority; or a Valuation Appeal.
For further information on this please read the following information documents and related links:
For further information on; Distribution of profit and surplus, Reimbursement of expenses not taxable and For service rendered - taxable, please read the guidance notes Payments to Club Members document.
VAT and its application to the activities of Clubs and Class Associations.
Value added tax
For RYA affiliated clubs providing moorings for members the campaign for VAT exemption was originally only partially successful. HM Customs and Excise refused to accept that the provision of moorings by a club (or any other non profit making organisation) was a supply closely related to the provision of services for sport and recreation although they inconsistently allowed the exemption in the case of golf club lockers. The RYA's argument that a mooring for a yacht not actually being used served the same purpose as a locker for golf equipment not being used was not accepted by the Commissioners. In 1995 the RYA supported the appeal of the Swansea Yacht and Sub Aqua Club to the VAT Tribunal (LON/95/2546 No. 13938). The Commissioners argued that moorings were only used for the storage of boats while a person was not 'taking part in sport' and therefore fell outside the scope of the Sixth Directive. The Tribunal dismissed this interpretation as 'extraordinary' and held that the natural meaning of the words encompass the times when a boat is not being actively used as well as when it is being so used. As a result of this case all moorings supplied to members by clubs are now VAT exempt.
Unfortunately for those on moorings supplied by local authorities, Note (3) (a) to Group 10 of Schedule 9 of the VAT Act 1994 specifically excludes local authorities from the definition of 'non profit making bodies', so the exemption is of no help to them.
This section of the site aims to provide an introduction to a club’s liability to pay corporation tax.
This section of the site aims to provide affiliates with an overview of reporting and accounting requirements
Of particular interested to clubs is the availability of duty relief on fuel for safety boats. The following Guidance Note provides more detailed information on this.
Internal fund raising through members' debentures.
Substantial capital sums can often be raised from a club's own membership, by issuing bonds secured on the club's assets. The RYA is not authorised by the Financial Services Authority to provide financial advice, therefore clubs considering raising capital will need to take independent legal financial advice on the legal principles involved and indeed the form of loan document itself.
This section of the site aims to provide guidance on the different methods of collecting subs and other revenue such as direct debit and web based payments. It also provides guidance on the general ban on surcharges on membership subscriptions and other fees under the Payment Surcharges Regulations 2012.
If you require further assistance please do not hesitate to contact the Legal Team Tel: 023 8060 4223 Email: email@example.com